You are here

Chinese tycoon raises stake in Bang & Olufsen

Friday, April 8, 2016 - 07:24

[COPENHAGEN] A Chinese billionaire in talks to buy Bang & Olufsen, the Danish maker of upmarket consumer electronics, on Thursday raised his stake in the company, making him its largest single shareholder.

Qi Jianhong bought a 13.1 per cent stake in the group, taking his total holding to 18.7 per cent when combined with the stake of another company he controls.

"We are very happy to become a major shareholder, and as communicated previously we may in the future seek to achieve a majority ownership of Bang & Olufsen through a public offer for all shares in the company," Mr Qi said in a statement.

Bang & Olufsen said in November that it was in talks over a potential takeover offer, and in March Qi revealed that he was interested in buying the company for a "reasonable" price.